New way to manage difficult conversations with clients

The Applied Behavioural Economics team was asked to assist a client in managing difficult conversations. As a result of a new business rule, financial advisers/intermediaries were being forced into challenging discussions with their customers.

The team used behavioural and experimental economics to test how best these conversations could be handled.

Through a rigorous testing process, the team determined how advisers and intermediaries could be trained to handle these challenging situations. Further, behavioural principles were used to successfully influence the way customers perceived these discussions.

Following the positive results of the test, an executive decision was taken by the client to go ahead with the implementation of the proposed strategy.